Sberbank contemplates expanding to Bangladesh

A representative of Sberbank confirmed that the lender is considering the possibility of opening a branch in Bangladesh. The plans were revealed at Bangladeshi businesses’ meeting with a visiting Russian delegation.

Alexey Nikolsky / RIA Novosti

A representative of one of the Bangladeshi banks complained at the meeting that financial transactions with Russian counterparties have to be made through third countries due to sanctions, which entails higher costs.

According to the Federation of Bangladesh Chambers of Commerce and Industry, during the fiscal year 2022-2023, Russia supplied $500 mln worth of goods to Bangladesh, while the country exported $400 mln worth of goods to Russia.

“The more real the threat of secondary sanctions, the sooner an independent (and hardly transparent) payment infrastructure will be formed,” economist Sergei Khestanov, Associate Professor at RANEPA, said. “I wonder how foreign trade statistics will fare in this scenario.”

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